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INTRODUCTION
Planning a wedding is an exciting milestone, but it is often expensive. Since weddings are special occasions that everyone has or plans to attend, saving as early as possible for a wedding is a great idea. According to Zola, the average wedding in 2024 in America costs $33,000, which may sound like a considerable number to save for a wedding. However, if you start saving some $10,000, it will become easier to save for a $33,000 wedding. Saving $10,000 in just one year might sound challenging, but it's entirely achievable with a solid plan and disciplined approach. In this blog, you’ll learn practical steps to reach your goal and extend your savings further.
HOW TO SAVE $10,000 FOR A WEDDING IN LESS THAN 1 YEAR
1. SET YOUR SAVING GOALS
The first step in saving for a significant expense is to plan out your goal. Break down your $10,000 goal into manageable chunks. To save $10,000 in 12 months works out to $833 monthly or approximately $192 weekly. Setting smaller, achievable goals makes you less likely to feel overwhelmed and more likely to stay motivated.
Clear, specific goals give you a roadmap to follow. They help you measure your progress and stay focused on the end goal. Reaching each monthly or weekly target can give you a sense of accomplishment and momentum. For example, if you want to save $10,000 in 9 months, break the goal into weekly or monthly goals, such as saving $280 a week or $1200 per month.
2. TRACK YOUR INCOME AND EXPENSES
Understanding your current financial situation is the foundation of successful saving. You can’t save if you don’t know where your money is going. Start by tracking all your income sources and expenses, no matter how small. Tracking your money lets you see what your money is doing so that you can direct some money toward your wedding fund goals.
Tracking also makes you more conscious of your spending habits and makes it easier to decide where to cut back. You can use an Excel spreadsheet, bank statements, or budgeting apps like YNAB (You Need a Budget) to track your income and expenses in detail so that every dollar has a job. Categorize your expenses into essentials (like rent and groceries) and non-essentials (like dining out or entertainment). This detailed overview will help you identify areas where you can cut back and redirect money toward your wedding fund.
3. OPEN A WEDDING FUND IN A HIGH-YIELD SAVINGS ACCOUNT
Once you’ve started tracking your finances, separating your wedding savings from your everyday spending is crucial. Opening a dedicated high-yield savings account will allow your money to grow with interest, even if it’s small. Look for accounts with competitive interest rates and no monthly fees, like Wealthfront, which will also let you track your investments and net worth. A high-yield savings account helps you resist the temptation to dip into your wedding fund and maximizes your savings with interest. Over a year, the interest can add up, giving you more money toward your big day.
However, if you do not have an emergency fund, you must start one. This account must be separate from your wedding fund to protect you from unexpected life events like losing your job, getting a new car engine, or unanticipated medical emergencies. You can also set up your emergency fund in a high-yield savings account so that your money can grow in the account. Check out this blog post for more information about emergency funds and the importance of savings.
4. MAKE A BUDGET
A budget is your financial blueprint to help you use your money to create the life you hope for. List your monthly income and fixed expenses (like rent, utilities, and groceries) to start a budget that works for you. Then, allocate a specific amount each month for your wedding savings. Whatever is left over can be used for non-essential spending. A budget ensures you’re not spending more than you earn and helps you allocate money toward your highest priorities, like your wedding fund.
Need help with creating a budget that prioritizes savings? Try the reverse budget, which prioritizes savings before allocating money to expenses. The reverse budget helped me save for a wedding and build wealth. You can also find curated book recommendations for budgeting to educate, empower, and encourage you on the Engaged Financials Suggested Reading page.
5. LIVE BELOW YOUR MEANS
The more you can reduce your expenses, the more money you can funnel into your wedding savings. Small lifestyle changes can have a significant impact on your overall savings. Living below your means helps you save more by spending less than you earn. It might require cutting back on luxuries or finding cheaper alternatives for everyday expenses, like buying clothes at places like ThredUp or buying generic brands at the grocery store to save money. A savings habit enables you to live below your means. If you can save even 1-10% of your income for savings, you will live below your means and reach your goal of $10,000 for a wedding in less than a year.
6. AUTOMATE YOUR SAVINGS TO REACH $10,000
To ensure you consistently contribute to your wedding fund, automate your savings. Set up a recurring transfer from your checking account to your wedding fund on payday. This way, saving becomes effortless, and you’re less likely to spend money impulsively. Automation takes the guesswork out of saving. Setting it and forgetting it guarantees that a portion of your income is always directed toward your wedding fund, helping you reach your goal faster.
7. LOOK FOR WAYS TO CUT EXPENSES
Once you track your expenses, you’ll likely spot opportunities to cut costs. For example, you could reduce your grocery bill by using coupons, earning cash back with Ibotta, signing up for grocery loyalty programs, and meal planning with plans like $5 Meal Plan to help you cut your grocery bills. You can also cut your shopping expenses with Rakuten by finding coupons and getting cash back from online purchases. Or, reduce electricity usage by turning lights off when you leave, unplugging appliances you don’t use, and adjusting your thermostat to save on electricity.
Additionally, you can cancel recurring subscriptions you don’t use or forget about. If you need help finding subscriptions to cancel in your budget, consider Rocket Money. Rocket Money can help you find and remove subscriptions over time while creating your budget and tracking expenses. Every dollar you save by cutting expenses is a dollar you can put toward your wedding.
8. TAKE ON A SAVINGS CHALLENGE
A savings challenge can be an effective way to boost your wedding fund. Savings challenges add an element of fun and gamification to your financial goals. They can also provide an extra cushion of savings that can be used for wedding expenses or even your honeymoon. For example, the 52-week challenge is a popular option, where you start by saving $1 in week one and gradually increase your savings by $1 each week. By the end of the year, you’ll have saved over $1,300. You can also combine savings challenges over the year to help you save for your goal. Try using Pinterest or Etsy to get inspired by $10,000 saving challenge ideas and calendars to track your progress.
9. EARN MORE MONEY
There is only so much you can cut from your expenses, but there is no limitation on how much money you can make if you are committed. If you’re struggling to save enough by cutting expenses alone, consider finding ways to increase your income. There are several ways to earn more money for a wedding, such as starting a side hustle, a blog, freelance work, getting a raise or promotion, or selling items you no longer need. The additional cash can help you reach your savings goal faster or save even more for future financial goals.
10. ASK FOR HELP FROM FAMILY
Weddings are often a family celebration, and many families are willing to contribute financially. Whether it’s a gift or a loan, asking for help from family can significantly boost your wedding fund. Contributions from family can reduce the amount you need to save on your own $10,000. Be transparent about how the money will be spent, and express gratitude for their support.
11. AVOID NEW DEBT AND PAY OFF YOUR CURRENT DEBTS
While saving for your wedding, avoid taking on new debt. Interest payments on credit cards or loans can quickly eat into your savings. New debt can slow your progress toward your savings goal and add financial stress. By avoiding it, you keep your financial situation stable and focused on building your wedding fund. If you have debt, plan how to pay it off to save more money. Several budgeting apps like YNAB can help you pay off debt using their budgeting system. Pay off any existing debt to free up more money for your wedding fund. Avoid paying for your wedding with credit cards or loans so you don’t start your new life with debt.
12. USE YOUR TAX REFUND AND WINDFALLS TO SAVE $10,000
Consider putting any unexpected money, like a tax refund, inheritance, or bonus, directly into your wedding fund. These lump sums can significantly boost your savings without affecting your monthly budget. They can help you reach your target faster or even increase your savings target.
13. USE THESE STEPS TO SCALE YOUR SAVINGS BEYOND $10,000
The same principles that help you save $10,000 can be scaled to reach larger savings goals quickly. If you aim to save $20,000, $50,000, or even $100,000, you’ll need to extend your timeline, increase your income, or find more aggressive ways to cut expenses. Staying committed to these practices over time can help you achieve your financial goals, whether for a wedding, a home down payment, or other significant life events.
CONCLUSION
With careful planning and commitment, you can easily save $10,000 for your wedding in less than one year. You can create the wedding of your dreams without financial stress by tracking your income and expenses, setting clear goals, cutting back on non-essentials, and finding ways to increase your income. And by following these principles, you can continue saving and building wealth beyond your wedding day.
IN SUMMARY
HOW TO SAVE $10,000 FOR A WEDDING IN LESS THAN 1 YEAR
1. Set your saving goals.
2. Track your income and expenses. Try YNAB for detailed budget planning.
3. Open a wedding fund in a high-yield savings account. Look for online banks like Wealthfront to grow your savings.
4. Make a budget.
5. Live below your means.
7. Look for ways to cut expenses by trying Ibotta, meal planning, Rakuten, and Rocket Money.
8. Take on a savings challenge. Check out Pinterest and Etsy for inspiration on saving challenges and monitoring your progress.
9. Earn more money.
10. Ask for help from family.
11. Avoid and pay off debt.
12. Use your tax refund and windfalls to save $10,000.
13. Use these steps to scale your savings beyond $10,000.
Are you ready to save $10,000 for your wedding?
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